MDR argues that Kolob derives from Semitic root meaning "heart, center".
Michael D. Rhodes, “Teaching the Book of Abraham Facsimiles,” Religious Educator 4, no. 2 (2003): 121
The word Kolob is particularly interesting. There is a common Semitic root QLB/QRB that has the basic meaning of "heart, center, middle" and "to be near." For example, the Arabic qalb means "heart, middle, center"; the Hebrew qereb means "middle, midst"; and the Hebrew qarab means "to be near." In Arabic, the word qalb forms part of the Arabic names of several of the brightest stars in the sky, including Antares, Regulus (Arabic qalb 'al-'asad, "heart of the lion"; Regulus is the brightest star in the constellation Leo the Lion), and Canopus.